Family celebrates return of Taittinger champagne

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Credit Agricole Nord-Est, the regional arm of Credit Agricole SA, has ceded control of champagne house Taittinger, reducing its equity to 36% in a partial exit.

The Taittinger family took back 41% of the equity and increased its voting rights to 47%. Ten 'friendly families' also joined the Taittinger family and purchased 22% of the equity and 33% of the vote.

Credit Agricole Nord-Est bought 100% of the champagne company from Starwood for EUR660m in 2006. With origins dating back to 1743, Taittinger champagne was sold to US company Starwood in 2005 as part of the associated Societe du Louvre. With the champagne house falling outside its area of expertise, in 2006 Starwood held a public auction which saw Credit Agricole Nord-Est acquire the group, taking a role of white knight in that it ultimately owned the company, while the Taittinger family managed it.

The deal was announced alongside a EUR145m development fund which was mostly provided by the 10 'friendly families'. The fund aims to increase export sales of the flagship Comtes de Champagne brand from 70% to 80% in the current year. (Page 46).